HMRC’s Self Employed Making Tax Digital Initiative Delayed
After a week of poorly kept secrets and rumours, today saw an official HMRC announcement delaying their flagship project Making Tax Digital. This is important for all self-employed people as it means you won’t need to report your income quarterly to HMRC until after April 2026. The quarterly reporting would be in addition to submitting […]
Making Tax Digital Delayed By One Year
The new Financial Secretary to the Treasury, Lucy Frazer MP, has announced that part of HMRC’s flagship project Making Tax Digital will be delayed for one year, meaning that quarterly income tax reports will need to start being submitted to HMRC from April 2024 instead of 2023. This will affect self-employed people and landlords with […]
Office of Tax Simplification Concludes On Tax Year End Date
Currently UK tax years start on 6 April annually, and run until 5 April the following year. At first glance it seems illogical given that the dates are not even aligned with the end of a month, let alone the end of a calendar year. For this reason, the Office of Tax Simplification (OTS) initiated […]
What is Making Tax Digital?
Making Tax Digital (MTD) is simply the government’s programme to make the whole of the tax system digital and to make it more effective, efficient and easier for individuals and businesses to get their tax right. It is based around digital interactions with HMRC to ensure that tax records are accurate and submitted regularly. The […]